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Star Asia settles ¥11B buy; Comforia closes ¥8B deal; Gateway sells 2 assets

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Star Asia settles ¥11B buy; Comforia closes ¥8B deal; Gateway sells 2 assets

This feature rounds up recent property news from S&P Global Market Intelligence's covered companies and highlights larger deal coverage already published.

Japan

* Star Asia Investment Corp. wrapped up Feb. 2 its approximately ¥10.74 billion purchase of real estate beneficiary trusts in three logistics properties, two residential assets and one office building from various sellers across Japan.

* Comforia Residential REIT Inc. completed the acquisition of four residential assets from Tokyu Land Corp. under a nearly ¥7.83 billion agreement. The pair settled the transaction for the Comforia Uenoiriya, the Comforia Ikejiri, and the Comforia Setagayakamiuma properties in Tokyo, as well as for the Comforia Kitahama asset in Osaka, Feb. 2, according to a release.

* Industrial & Infrastructure Fund Investment Corp. closed Feb. 1, as expected, its acquisition from an unidentified vendor of the remaining 40% stake it does not already own in each of IIF Fukuoka Hakozaki Logistics Center I and IIF Fukuoka Hakozaki Logistics Center II for an estimated ¥2.06 billion and ¥3.59 billion, respectively. The company borrowed ¥6.00 billion from a syndicate of banks to partially finance the transaction.

In a news release, the company also said the settlement of its roughly ¥1.14 billion purchase of the three-story extension building to IIF Fukuoka Hakozaki Logistics Center II is expected by March 14.

Australia

* Gateway Lifestyle Group, in pursuit of its asset recycling strategy, entered into separate agreements to sell two of its noncore properties for a combined A$18.4 million.

Completion of the company's A$10.4 million sale of its Gateway Lifestyle Bass Hill New South Wales is expected in July, while the A$8 million deal for the divestment of the Gateway Lifestyle Rainbow Waters property is slated for settlement in February, according to a news release.

* Mustera Property Group Ltd. marked the launch of its Mustera Property Fund by buying the Shoalwater Shopping Centre in the Shoalwater suburb of Perth for A$16.5 million.

The neighborhood shopping center occupies a roughly 1.47-hectare site and has a gross leasable area of about 4,700 square meters. It houses a supermarket, a medical center, a tavern and 16 specialty stores.

India

* Ascendas India Trust was given the right to purchase a future development in the free trade and warehousing zone of the Mumbai-adjacent city of Panvel after the closure of its 5.34 billion-Indian-rupee deal to buy six warehouses with a total leasable area of 832,249 square feet.

According to the trust, the future development could potentially yield 2.8 million square feet of space.

Malaysia

* Al-Salam Real Estate Investment Trust's board is seeking the Securities Commission Malaysia's approval for its trustee's planned 115 million-Malaysian-ringgit all-cash purchase of a portfolio of 21 restaurants and a warehouse/office asset across Malaysia.

The proposal for the portfolio buy, as well as for a plan to raise up to 60 million ringgit via placement of new units, was submitted to the commission Feb. 2.

New Zealand

* The New Zealand arm of London-based Millennium & Copthorne Hotels Plc said The Waterfront Hotel at 1 Egmont St. in New Plymouth has been included in its portfolio, effective Feb. 1, following its acquisition. To be renamed Millennium Hotel New Plymouth in the second quarter of 2018, the three-level grade A hotel features 39 hotel suites, two penthouse apartments and one executive apartment.

Additional coverage

Tropicana agrees to amend terms of 570M-ringgit deal

Brookfield targets at least A$200M from sale of Accor-managed Melbourne hotel

HKR International unit clinches Chinese site with 200M-yuan bid

China Vanke's sales jumps YOY to 67.98B yuan in January

Wing Tai Properties inks HK$2.85B deal for Hong Kong-asset sale

As of Feb. 2, US$1 was equivalent to 64.19 Indian rupees, ¥110.39 and 3.90 Malaysian ringgit.